Max Petroleum, an oil and gas exploration and development company focused on Kazakhstan, announces that the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan has approved the amendment of the Company's Astrakhanskiy Block subsoil use license to extend the exploration period of the license by an additional two years until January 12, 2012. Furthermore, the amendment established the Company's three-year work program for the license, including a commitment to begin drilling the first exploration well on the Astrakhanskiy Block on or before December 31, 2009.
The Company operates the Astrakhanskiy Block through its wholly-owned subsidiary, Alga Caspiygas LLP.
Michael Young, President and CFO commented: "The amendment is an important milestone for the Company as it removes an uncertainty regarding the status of the license and should provide us with a better opportunity to complete a farmout or sale of the Astrakhanskiy license in the future."
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